A Bloomington-Normal native who’s become one of its leading bankers is optimistic about the local economy but also sees opportunity for collaboration across the community — including on “transformational projects” for some prime pieces of real estate.
J. Phillips is about two weeks into his new job as chief banking officer, group president and Bloomington-Normal market president at Morton Community Bank, which operates locally as Clock Tower Community Bank. Phillips previously was Commerce Bank’s Twin City chief.
On the local economy, Phillips said he’s encouraged by Rivian’s recent launch of its new R2 model and some much-needed progress toward building more housing, including Carden Springs in north Normal, the G.J. Lofts in Downtown Bloomington, and Empire Flats near Bloomington Country Club.
As for challenges?
“We’ve grown a lot. The community has changed,” Phillips said. “And what we need to probably work arm in arm on — the business community, our local residents and our municipalities, all three of them — is really coming up and leading one unified vision for our community as best as possible. I know there’s a lot of interest in all parties to do that. We’re getting there, but the world is changing faster than what we can react to. And this needs to be a priority focus for us.”
That need for “one unified vision” is clearest, he said, on issues related to bolstering our “quality of place” and our workforce in Bloomington-Normal. Phillips said we’re making headway on both, pointing to new entries like the Bloomington Bison hockey team and the “off the charts” energy emanating from Illinois Wesleyan University under new President Sheahon Zenger. (Phillips is on the IWU Associates board.)
“With quality of place, workforce is a huge opportunity for us,” Phillips said.
How to support 'transformational projects'
When asked about commercial real estate trends in Bloomington-Normal, Phillips was quick to note two high-profile properties with redevelopment potential: the mostly vacant Eastland Mall, and State Farm’s corporate headquarters, which it plans to vacate by the end of 2027 as it consolidates workers at its Corporate South complex.
“Now is the time for our community to come together and really think critically [about] how we support transformational projects that matter to this community, to make it as attractive as possible for our current residents but also future ones as well, and our kids. Because I want my kids [both teenagers] to be able to stay here,” Phillips said.
"Now is the time for our community to come together and really think critically [about] how we support transformational projects that matter to this community."J. Phillips, Morton Community Bank
Phillips has a unique vantage point on the local economy from his time in banking. He’s also a co-founder of the CEO Council (part of the McLean County Chamber of Commerce), which now includes around 30 CEOs, local organization presidents and business owners.
Right now, data centers are a big topic in the local business community, Phillips said.
“We’re doing our own independent research not only to educate ourselves, but also to educate our partners here that have to make really tough decisions about whether that’s something that should happen or not,” he said.
Phillips is also a former chair of the Bloomington-Normal Economic Development Council board. The EDC is at somewhat of a crossroads right now and operating under interim leadership as stakeholders plot its future. Phillips said it’s important that the community doesn’t “undervalue or overvalue” the EDC.
Phillips said right now Bloomington-Normal’s business community is the most unified he’s seen it since he’s lived here.
“I’m really proud that finally we have everybody at the table,” Phillips said, referring to small, medium and large businesses. “And that needs to continue. That cannot fall apart.”
Morton Community Bank
Phillips is the new chief banking officer at Morton Community Bank, a large privately held bank (partially owned by its employees) with around $5.6 billion in assets. It’s grown to 54 locations through an aggressive series of acquisitions, including three new locations in New Lenox and Manhattan near Joliet just last month.
It’s part of a consolidation trend in community banking, which Phillips said is driven in part by aging bank owners, presidents and CEOs without another family member to take over for the next generation.
“We’re acquiring institutions that fit our culture well and are financially strong as we are. We’re not looking to save an institution,” he said.
In markets like Bloomington-Normal, the bank operates under the Clock Tower brand. Other locations are named for the town they’re in, like Pekin Community Bank. Others are just called Morton Community Bank. Phillips said the bank’s identity will “evolve over time.”
“We’re trying to find a consistent way to communicate who we are,” he said.
In Bloomington-Normal, the bank’s commercial office is a point of pride, Phillips said. Its consumer business here is a “hidden secret” that they’ll invest more into in the coming years.
Nationally, banks are pulling back from physical locations — closing more than 6,000 branches between 2019 and 2024, according to the FDIC. Phillips said Morton Community Bank is a bit of an outlier there. While digital banking is important, so are brick-and-mortar branches, he said.
“Transactions are clipping down. But the folks that are coming into the branch are remaining just as consistent as ever. They’re just coming into the branch for something different. They’re looking for a personalized experience, where they know their banker, they trust their banker, and they can get advice that resonates with their situation,” Phillips said.
